Hi Sheila,
Without sounding snarky you can easily find out penalties by just retiring without doing some homework. Then you would find out soon enough!
For me:
I retired at 70 to get my full SS money. In addition, I qualified for a higher COLA as a result something I did not anticipate until this year when 2022 forecast was around 7-8 percent.
I had financial reverses from a drawn out divorce. It dictated to me to continue working.
What is your health like? Mine was just about perfect at 70 and while I found working enjoyable, it was just time. Losing some people in my life younger than me who never got a chance to retire was in the back of my mind as well. All that planning they did and for nothing. When you have your health (and Medicare) it is a ganm changer.
A key to retirement is to retire to something, macrame, volunteering, golf, a new church, a new location, anything to engage your senses and goals. Socialization is important too. Hanging with your peers is good for you. I hope some of this helps.
Sincerely,
Doug
